With expanded tax credits and a variety of financing options from FAIRWINDS, including FHA and Conventional loans, your new home is right around the corner.

Recent legislation has extended tax credit opportunities for first-time homebuyers and has introduced new incentives for existing homeowners wanting to purchase and move into a new home.

For the first-time homebuyers, the previous tax credit deadline of December 1 has been extended to April 30. To qualify, the purchaser must buy, or enter into a contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.

Existing homeowners now have an opportunity as well for tax credit. Homeowners purchasing a replacement home are eligible for a $6,500 tax credit if they have lived in their existing home for a five-year consecutive period during an eight-year ownership period.

Additionally, more individuals can qualify for the tax credits. Under the new legislation the tax credit phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000 or between $255,000 and $245,000 for joint filers.

Purchaser	Tax Credit Amount	Deadline
First-time Homebuyer	$8,000	April 30, 2010
Existing Homeowner	$6,500	April 30, 2010

Combine your tax credit with FAIRWINDS' financing
for more savings.

Introducing Federal Housing Administration (FHA) loans at FAIRWINDS! This new mortgage option provides financing without a large down payment requirement. With an FHA loan, the minimum down payment is a low 3.5% of the purchase price making this an affordable option for those wanting to purchase or refinance a home with little cash down.

• Minimum down payment of 3.5%


• Available in 15 or 30 Year fixed terms


• Available for purchase or refinance


• Refinancing available both with and without cash out


• First-time homebuyer and existing homeowners are eligible


• Maximum loan amount is $417,000


• Available for owner-occupied single family, condominiums and townhomes


• Payment amounts consist of principal and interest and escrow


• Payments are calculated to fully amortize over the term of the loan


• Payments are due the first of each month and have a 15 day grace period

FHA loans do require an upfront mortgage insurance premium unlike other conventional loans but the amount of the premium may be financed into the loan.

A conventional mortgage may be right for you if you have more cash available as a down payment and you’re looking for the best possible rate. With a conventional loan, a higher down payment means lower interest rates, more equity in your new home and lower insurance premiums. Starting with more equity in your home is a good idea, especially if there is a downturn in the housing market.

• Down payment requirement 5% to 20%


• Available in 10, 15, 20 and 30 Year fixed terms


• Available for purchase or refinance


• Refinancing available both with and without cash out


• First-time homebuyer and existing homeowners are eligible


• Maximum loan amount is $417,000


• Available for owner-occupied single family, condominiums and townhomes, and manufactured homes


• Payment amounts consist of principal and interest and escrow


• Payments are calculated to fully amortize over the term of the loan


• Payments are due the first of each month and have a 15 day grace period

If the loan to value on your new home is higher than 80%, Private Mortgage Insurance (PMI) is required and will be added to your loan payment.

Whether you're looking for an FHA or Conventional mortgage, FAIRWINDS has the mortgage options to meet your needs. Contact one of our mortgage representative to learn more about our financing options, or simply begin your application online today!

FAIRWINDS Mortgage Services Monday - Thursday:   9 a.m. to 5 p.m. Friday:   9 a.m. to 6 p.m. Saturday:   9 a.m. to 1 p.m. (407) 647-8252 1mortgage@fairwinds.org